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The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year. This table summarizes information provided on each sheet:
Number Total Cost Incurred Status of Job444 $15,050 Finished and delivered445 $22,400 Finished and delivered446 $ 7,500 Finished and unsold447 $ 4,300 Finished and delivered448 $33,000 Finished and unsold449 $62,000 Finished and unsold450 $14,600 Unfinished451 $22,200 Finished and delivered452 $ 3,600 Unfinished453 $ 1,000 Unfinished
(a) What is the cost of goods sold for the month of March?(b) What is the cost of the goods in process inventory on March 31?(c) What is the cost of the finished goods inventory on March 31?
Determine the tax consequences of the redemption to Tammy and to Broadbill under the following independent circumstances.
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
Discuss whether direct labor is a fixed or a variable cost. What are the pros and cons of management treating direct labor as a variable cost?
On January 1, Pucket company paid 1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment.
Record treasury stock transactions using cost method for: a) bought 300 shares of common stock as treasury shares@ 62 b) sold 80 shares of treasury stock at 60 c) sold 40 treasury shares at 68.
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
The following production and total cost information relates to a single product organisation for the last three months: Month Production Total cost units £ 1 1,200 66,600 2 1,900 58,200 3 1,400 68,200
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Rojas Co. owned 7,000 shares (70%) of the outstanding 10%, $100 par preferred stock and 60% of the outstanding common stock of Brett Co. When Brett reported net income of $780,000, what was the noncontrolling interest in the subsidiary's income?
he bonds will be insured up to $17,000, so Jose doesn't want to invest more than that amount in bonds which will earn 4 1/2%. What will be the maximum amount of interest that Jose could learn?
Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
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